Professor Shlomo Benartzi's new book, "Save More Tomorrow" has entered the Wall Street Journal's list of Best-Selling Hardcover Business Books at number three.
Benartzi, a member of UCLA Anderson's Accounting group and co-chair of the Behavioral Decision-Making Group, is a leading authority on behavioral finance with a special interest in household finance and participant behavior in retirement savings plans. His research on 401k plan participation is groundbreaking. Benartzi’s most significant research contribution is the development, with Richard Thaler of the University of Chicago, of Save More Tomorrow (SMarT), a behavioral prescription designed to help employees increase their savings rates gradually over time.
The book is divided into four sections: Save, Save More, Save Smarter and Behavioral Finance In Action. Much more than a simple "how to save" manual, "Save More Tomorrow" uses comprehensive applications of behavioral finance to improve retirement outcomes.
For his part, Benartzi is pleased with the books appearance on the WSJ list. He's motivated by the fact that the impact of his work will benefit a mass audience.
"I've always been excited about research with impact," says Benartzi. "If a research project can't affect at least a million people saving for retirement, I just don't bother."